You can use this free car loan EMI calculator to figure out your monthly EMI on your car loan. A car loan is for borrowers who want to buy a car for their daily commute to work and other leisure like weekend trips and long drives. A car loan is usually offered for a new car but nowadays banks finance used cars as well. Although, the interest rates offered for a new or a used car loan are different with the latter generally attracting a higher interest rate. Banks can finance upto 90% of the total value of the car with the rest to be borne by the borrower. Apart from this 10% value of the car, a borrower has to fund other expenses like RTO taxes, insurance and other sundry expenses to buy a car from their own pocket.

A car loan can be repaid between 12 months to 84 months period. Unlike home loans, a car loan does not have a flexible interest rate option. Your interest rate will be fixed for the entire tenure of the loan and will depend on the prevailing interest rates as directed by Reserve Bank of India's repo rate.